{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{longtable}{l*{7}{c}}
\caption*{Table A12: Full Specification for Table 4, Real Nondurable Goods Spending vs. Year-Ahead Expectations, Baseline Sample (Columns 1-6), Mortgagor Sample (Column 7), GEE estimation}\\
\toprule\endfirsthead\midrule\endhead\midrule\endfoot\endlastfoot
                                             &\multicolumn{1}{c}{(1)}         &\multicolumn{1}{c}{(2)}         &\multicolumn{1}{c}{(3)}         &\multicolumn{1}{c}{(4)}         &\multicolumn{1}{c}{(5)}         &\multicolumn{1}{c}{(6)}         &\multicolumn{1}{c}{(7)}         \\
\midrule
Inflation Expectation                        &       0.002         &       0.002         &       0.003         &       0.003         &     --0.001         &       0.003         &       0.027         \\
                                             &     (0.006)         &     (0.006)         &     (0.006)         &     (0.007)         &     (0.007)         &     (0.012)         &     (0.021)         \\
Inflation Uncertainty                        &     --0.004         &     --0.002         &     --0.000         &     --0.003         &       0.016         &       0.012         &       0.021         \\
                                             &     (0.007)         &     (0.008)         &     (0.007)         &     (0.008)         &     (0.010)         &     (0.011)         &     (0.013)         \\
Household Income (Log)                       &                     &       0.419\sym{***}&       0.409\sym{***}&       0.116         &       0.118         &       0.124         &       0.012         \\
                                             &                     &     (0.056)         &     (0.056)         &     (0.089)         &     (0.089)         &     (0.090)         &     (0.137)         \\
Monthly Payments (Log)                       &                     &     --0.003         &     --0.004         &     --0.001         &     --0.000         &     --0.000         &     --0.009         \\
                                             &                     &     (0.012)         &     (0.012)         &     (0.006)         &     (0.006)         &     (0.006)         &     (0.033)         \\
Expects Interest Rate Increase                              &                     &       0.009         &       0.007         &       0.004         &       0.009         &       0.011         &       0.112\sym{***}\\
                                             &                     &     (0.029)         &     (0.028)         &     (0.029)         &     (0.029)         &     (0.029)         &     (0.043)         \\
Expects Interest Rate Decrease                              &                     &     --0.059         &     --0.053         &     --0.018         &     --0.016         &     --0.017         &       0.103         \\
                                             &                     &     (0.047)         &     (0.048)         &     (0.052)         &     (0.055)         &     (0.056)         &     (0.073)         \\
Real Wage Expectation                        &                     &       0.002         &       0.002         &     --0.001         &     --0.001         &     --0.002         &       0.009         \\
                                             &                     &     (0.002)         &     (0.002)         &     (0.002)         &     (0.002)         &     (0.003)         &     (0.007)         \\
Wage Uncertainty                             &                     &     --0.003         &     --0.003         &     --0.003         &     --0.003         &     --0.002         &     --0.002         \\
                                             &                     &     (0.006)         &     (0.006)         &     (0.007)         &     (0.007)         &     (0.008)         &     (0.011)         \\
No Mortgage Indicator                                &                     &       0.057         &       0.043         &       0.031         &       0.036         &       0.039         &                     \\
                                             &                     &     (0.066)         &     (0.073)         &     (0.076)         &     (0.079)         &     (0.080)         &                     \\
Age                                          &                     &     --0.003         &     --0.003         &     --0.007         &     --0.009         &     --0.009         &     --0.006         \\
                                             &                     &     (0.007)         &     (0.007)         &     (0.007)         &     (0.007)         &     (0.007)         &     (0.008)         \\
Non-White                                  &                     &     --0.029         &     --0.025         &       0.075         &       0.064         &       0.057         &       0.067         \\
                                             &                     &     (0.146)         &     (0.150)         &     (0.141)         &     (0.144)         &     (0.141)         &     (0.128)         \\
Female                                     &                     &       0.054         &       0.064         &       0.069         &       0.075         &       0.081         &       0.206\sym{**} \\
                                             &                     &     (0.089)         &     (0.090)         &     (0.084)         &     (0.083)         &     (0.082)         &     (0.087)         \\
Retired                                    &                     &     --0.146         &     --0.149         &     --0.095         &     --0.115         &     --0.106         &       0.145         \\
                                             &                     &     (0.118)         &     (0.115)         &     (0.099)         &     (0.095)         &     (0.092)         &     (0.128)         \\
Homeowner                                  &                     &       0.199\sym{**} &       0.187\sym{*}  &       0.046         &       0.048         &       0.059         &                     \\
                                             &                     &     (0.096)         &     (0.100)         &     (0.075)         &     (0.077)         &     (0.079)         &                     \\
House Price Expectation                      &                     &       0.002         &       0.001         &       0.000         &       0.001         &       0.001         &       0.000         \\
                                             &                     &     (0.001)         &     (0.001)         &     (0.002)         &     (0.002)         &     (0.002)         &     (0.003)         \\
Expects Unemployment Increase                                  &                     &                     &     --0.124\sym{***}&     --0.125\sym{***}&     --0.123\sym{***}&     --0.123\sym{***}&     --0.128\sym{**} \\
                                             &                     &                     &     (0.034)         &     (0.033)         &     (0.034)         &     (0.034)         &     (0.064)         \\
Expects Unemployment Decrease                                  &                     &                     &     --0.023         &     --0.027         &     --0.028         &     --0.028         &       0.001         \\
                                             &                     &                     &     (0.027)         &     (0.027)         &     (0.027)         &     (0.027)         &     (0.047)         \\
Mean Inflation Expectation                   &                     &                     &                     &     --0.012         &     --0.011         &     --0.020         &     --0.075\sym{**} \\
                                             &                     &                     &                     &     (0.022)         &     (0.022)         &     (0.021)         &     (0.031)         \\
Mean Inflation Uncertainty                   &                     &                     &                     &       0.031         &       0.020         &       0.018         &       0.108\sym{***}\\
                                             &                     &                     &                     &     (0.033)         &     (0.033)         &     (0.031)         &     (0.033)         \\
Mean Log Household Income                    &                     &                     &                     &       0.409\sym{***}&       0.404\sym{***}&       0.419\sym{***}&       0.472\sym{***}\\
                                             &                     &                     &                     &     (0.108)         &     (0.108)         &     (0.113)         &     (0.153)         \\
Mean Log Monthly Payments                    &                     &                     &                     &     --0.035         &     --0.036         &     --0.037         &       0.071         \\
                                             &                     &                     &                     &     (0.041)         &     (0.040)         &     (0.040)         &     (0.069)         \\
Mean Expects Interest Rate Increase          &                     &                     &                     &     --0.045         &     --0.064         &     --0.048         &       0.255\sym{**} \\
                                             &                     &                     &                     &     (0.137)         &     (0.135)         &     (0.131)         &     (0.115)         \\
Mean Expects Interest Rate Decrease          &                     &                     &                     &     --0.725\sym{***}&     --0.708\sym{***}&     --0.739\sym{***}&     --0.870\sym{***}\\
                                             &                     &                     &                     &     (0.267)         &     (0.261)         &     (0.247)         &     (0.331)         \\
Mean Real Wage Expectation                   &                     &                     &                     &       0.014\sym{**} &       0.013\sym{*}  &       0.013\sym{*}  &     --0.006         \\
                                             &                     &                     &                     &     (0.007)         &     (0.007)         &     (0.007)         &     (0.014)         \\
Mean Wage Uncertainty                        &                     &                     &                     &       0.029         &       0.028         &       0.026         &       0.006         \\
                                             &                     &                     &                     &     (0.026)         &     (0.026)         &     (0.026)         &     (0.030)         \\
Mean No Mortgage Indicator                   &                     &                     &                     &     --0.118         &     --0.125         &     --0.134         &                     \\
                                             &                     &                     &                     &     (0.220)         &     (0.218)         &     (0.222)         &                     \\
Mean Homeowner                               &                     &                     &                     &       0.121         &       0.123         &       0.081         &                     \\
                                             &                     &                     &                     &     (0.233)         &     (0.232)         &     (0.238)         &                     \\
Mean House Price Expectation                 &                     &                     &                     &       0.004         &       0.005         &       0.007         &     --0.009         \\
                                             &                     &                     &                     &     (0.009)         &     (0.009)         &     (0.009)         &     (0.013)         \\
Mean Expects Unemployment Increase           &                     &                     &                     &       0.201         &       0.206         &       0.233         &     --0.311         \\
                                             &                     &                     &                     &     (0.170)         &     (0.168)         &     (0.163)         &     (0.226)         \\
Mean Expects Unemployment Decrease           &                     &                     &                     &     --0.039         &     --0.045         &     --0.047         &       0.039         \\
                                             &                     &                     &                     &     (0.190)         &     (0.185)         &     (0.184)         &     (0.158)         \\
No College                                 &                     &                     &                     &                     &       0.011         &       0.020         &     --0.112         \\
                                             &                     &                     &                     &                     &     (0.090)         &     (0.090)         &     (0.114)         \\
No College $\times$ Inflation Expectation  &                     &                     &                     &                     &       0.006         &     --0.000         &     --0.010         \\
                                             &                     &                     &                     &                     &     (0.009)         &     (0.009)         &     (0.021)         \\
No College $\times$ Inflation Uncertainty  &                     &                     &                     &                     &     --0.030\sym{**} &     --0.026\sym{**} &       0.005         \\
                                             &                     &                     &                     &                     &     (0.012)         &     (0.011)         &     (0.020)         \\
Mean Log Household Income $\times$ Inflation Expectation&                     &                     &                     &                     &                     &     --0.021\sym{**} &       0.017         \\
                                             &                     &                     &                     &                     &                     &     (0.008)         &     (0.015)         \\
Mean Log Monthly Payments $\times$ Inflation Expectation&                     &                     &                     &                     &                     &     --0.002         &     --0.028\sym{*}  \\
                                             &                     &                     &                     &                     &                     &     (0.002)         &     (0.017)         \\
Mean No Mortgage Indicator $\times$ Inflation Expectation&                     &                     &                     &                     &                     &     --0.008         &                     \\
                                             &                     &                     &                     &                     &                     &     (0.014)         &                     \\
Mean Log Mortgage Balance                    &                     &                     &                     &                     &                     &                     &     --0.043         \\
                                             &                     &                     &                     &                     &                     &                     &     (0.054)         \\
Mean Log Mortgage Balance $\times$ Inflation Expectation&                     &                     &                     &                     &                     &                     &       0.025\sym{**} \\
                                             &                     &                     &                     &                     &                     &                     &     (0.011)         \\
Mortgage Balance (Log)                       &                     &                     &                     &                     &                     &                     &       0.050         \\
                                             &                     &                     &                     &                     &                     &                     &     (0.049)         \\
Constant                                     &       7.270\sym{***}&       7.307\sym{***}&       7.370\sym{***}&       7.580\sym{***}&       7.659\sym{***}&       7.651\sym{***}&       7.229\sym{***}\\
                                             &     (0.133)         &     (0.374)         &     (0.365)         &     (0.455)         &     (0.444)         &     (0.439)         &     (0.459)         \\
\midrule
Correlated Random Effects                    &          No         &          No         &          No         &         Yes         &         Yes         &         Yes         &         Yes         \\
Chi$^2$                                      &      168.47         &      317.43         &      417.65         &      773.60         &      930.76         &     1224.80         &     1468.69         \\
P Value                                      &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         \\
Sample Size                                  &        2010         &        2010         &        2010         &        2010         &        2010         &        2010         &         579         \\
\bottomrule \caption*{\normalsize \doublespacing Standard errors in parentheses. \\ \textit{Note:} Each column includes time fixed effects.  All means refer to within-subject means. Robust standard errors are clustered at the level of the individual. \sym{*} \(p<0.10\), \sym{**} \(p<0.05\), \sym{***} \(p<0.01\)}
\end{longtable}
}
